AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr

Devotional platform Sri Mandir’s parent company, AppsForBharat, announced its first Employee Stock Ownership Plan (ESOP) buyback valued at Rs 2.1 crore.

This will provide 25 employees the opportunity to cash out a portion of their vested stock options, the company said in a statement.

Facilitated through a partnership with wealth management platform Infinyte Club, the buyback aims to “acknowledge the hard work and commitment of team members who have been associated with the company for over three years, helping shape the foundation for future growth,” it added.

“This buyback is exclusively for the dedicated team members who have been with us, as the leadership team will not be participating. It stands as a testament to our belief in rewarding those who have been instrumental in driving the company’s growth,” said Prashant Sachan, Founder and CEO of AppsForBharat.

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Employees can liquidate their vested shares and get immediate financial rewards without waiting for a future liquidity event, the company said.

The company, which was founded in 2020, recently secured $18 million in Series B funding from new and existing investors including Fundamentum, Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC.

The raised capital was said to be used for the expansion of Sri Mandir's India and international operations, introduce new temples, launch services, and develop a comprehensive devotional tech stack.